Megaworld Appoints Tom Barrack to Board of Directors

August 13, 1999 PSE CIRCULAR FOR BROKERS NO. 2021-99 PRESS RELEASE MEGAWORLD APPOINTS TOM BARRACK TO BOARD OF DIRECTORS MANILA, PHILIPPINES August 12, 1999 Megaworld Corporation announced today the appointment of Thomas J. Barrack, Jr., Chairman and CEO of Colony Capital, Inc., a private international investment firm, to its Board of Directors. Mr. Barrack's appointment to the current seven-person board follows Colony Capital's recent announcement to purchase 403.2 million new shares of the Megaworld Corporation. The investment will raise P1 billion ($US 26.3 million) for the holding company for use in broadening its investment portfolio to include, beyond housing development, additional high-growth areas such as information technology, gaming, hotel and resort assets. Megaworld Chairman Andrew L. Tan hailed the appointment of the well-respected Colony executive to the Megaworld board. "Given his position and high professional standing, Mr. Barrack's presence in the board personifies the synergy in expertise and resources between our two companies, both of which have created a niche in real estate development in our respective markets," Tan said. Lex Lib "I am pleased to be part of the Megaworld Board," stated Tom Barrack, Chairman and CEO of Colony Capital. "Megaworld's strong local relationships, coupled with Colony's real estate expertise, positions the company for continued long-term growth in the region." Mr. Barrack, age 52, has built a long, illustrious career investing in real estate and real estate related assets. Prior to the formation of Colony Capital in 1991, Barrack was a principal with the Robert M. Bass Group. Mr. Barrack is currently a Director on the boards of Continental Airlines, Harveys Casino Resorts, Kennedy-Wilson, Inc., Kerry Properties Limited and Public Storage, Inc. cd Colony Capital is a private, international real estate-related investment firm. Since its formation in 1991, Colony has been one of America's most active and innovative real estate investors, investing in excess of US$5 billion in more than 50 distinct property, corporate and portfolio transactions. The firm is headquartered in Los Angeles, with offices in Singapore, its regional headquarters for the Asian Pacific region, Tokyo, New York, Forth Worth, Texas, Kohala Coast, Hawaii, and Paris, France.